Will I have to take out a loan on my house?

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john701
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by john701 » Wed Dec 05, 2018 10:45 am
Have an IVA with firstly Debt free then passed onto, Aperture. Thought IVA had run its course, payment s stopped and no word from either, contacted them told no problems done everything right, just a matter of crossing the Ts and dotting the I s few months passed, got a letter asking for house valuation, phoned asked why, just standard, so did that, now 3 months after submitting valuation and 6 months after final payment, now been passed onto Select partnership, we are waiting for a phone interview with them. has house as positive equity. Reading thier web page it looks like i am going to have to get a loan or mortgage for the difference.is this the case, or any other options. In my late 50s and don't want another long debt. We cannot remember the house being mentioned originally, that's our fault suppose not checking small print. We did an IVA to keep house not to loose it 5 years later. Any suggestions any one please
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kallis3
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by kallis3 » Wed Dec 05, 2018 10:57 am
Check your paperwork - if there is no mention of a secured loan you do not have to to take that. You can extend your IVA for 12 months.
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Foggy
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by Foggy » Wed Dec 05, 2018 11:18 am
Dig out your paperwork and see what it says about equity release. If it is pre-2014 the options are remortgage or extend -- they cannot force a secured loan on you. If post 2014 and they have used the new clauses, they can!

Select are looking to see if a secured loan is available (assuming a remortgage isn't -- they are not the same thing!) as some people prefer that option rather than another 12 months in the IVA, but you can refuse (subject to your actual terms, mentioned above) and do the extension instead.

This is all assuming that you are happy that you have more than £5,000 equity needed trigger the clause in the first place.
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Lisa Thomas
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by Lisa Thomas » Wed Dec 05, 2018 11:46 am
Watch my short video on this subject here:

https://youtu.be/PHfc85n39U4

Check your paperwork and determine the level of equity to see if the standard terms apply. Suspect you may have to extend and pay contributions for one more year if you have more than £5k share of equity..
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kristian
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by kristian » Wed Dec 05, 2018 8:14 pm
john701 wrote:
Have an IVA with firstly Debt free then passed onto, Aperture. Thought IVA had run its course, payment s stopped and no word from either, contacted them told no problems done everything right, just a matter of crossing the Ts and dotting the I s few months passed, got a letter asking for house valuation, phoned asked why, just standard, so did that, now 3 months after submitting valuation and 6 months after final payment, now been passed onto Select partnership, we are waiting for a phone interview with them. has house as positive equity. Reading thier web page it looks like i am going to have to get a loan or mortgage for the difference.is this the case, or any other options. In my late 50s and don't want another long debt. We cannot remember the house being mentioned originally, that's our fault suppose not checking small print. We did an IVA to keep house not to loose it 5 years later. Any suggestions any one please

They done a similar thing to us at the end of our 6 year iva no contact from them so I eventually managed to get them to answer there phone and ask what was going on was told last payment had been made however there was a shortfall of £143 to complete the iva so I paid it and was then told a final review and the completion certificate would be posted in the next 3-6 months. As the months passed by I phoned them at 3 months and was told certificate is on its way then month 5 finally received my annual review results saying my iva was in arrears so contacted them and was told account was up to date and ignore letter reassured certificate was on its way. Month 6 came and went no certificate so contacted them was told the equity issue needs addressing (they should have contacted me 12 months previously about this but didn't and couldn't explain why or why I was told off 3 different operatives that my iva was complete) so I had to attempt a re-mortgage which I couldn't get so had a 12 month extension added. Aperture are a total shambles of a company and I just know come July 1st 2019 after my final payment (again..) something else will go wrong.
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Shaun Vickery
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by Shaun Vickery » Thu Dec 06, 2018 1:28 pm
There's no reason for you to lose your house at this stage, certainly if you have complied with your obligations under your IVA. Your creditors will have agreed to you entering the IVA on the understanding that you will try to release some of the equity from your house at the end and this does seem reasonable if they are being asked to write off the rest of the debt. However there are various 'protocol' rules which will need to be observed to make sure that you retain a certain amount of the equity in your property and also to make sure that payments going forward are affordable. If you'd like me to have a look at your individual case please let me know.
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